Open Source Services Market may reach to $50.0 billion by 2026

According to a new market research report "Open Source Services Market with COVID-19 Impact, by Service Type (Professional Services and Managed Services), Vertical (Manufacturing, BFSI, Telecommunications, Healthcare and Life Sciences, IT & ITeS ), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Open Source Services Market size expected to grow at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period, to reach USD 50.0 billion by 2026 from USD 21.7 billion in 2021. Key factors that are expected to drive the growth of the market are lower software licensing cost and simpler management, compelling need to adopt higher quality software offering more flexibility, agility, and reliability, and rising trend of open standards that support community and collaborative development. These factors are driving the demand for open source services market.

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Managed Services segment to hold a larger market size during the forecast period

Based on services, the open source services market is segmented into two categories: professional and managed. The managed services segment for open source services is expected to grow at a higher CAGR as managed services provide all the required skillsets to maintain and upgrade solutions, which are of utmost importance in open source environments. Pre- and post-deployment questions and needs of clients are taken care of through the managed services unit.

Healthcare and Life Sciences industry vertical to grow at the highest CAGR during the forecast period

Healthcare and life sciences is one of the fastest-growing verticals with respect to the adoption of open source technologies and services due to advance clinical decision support (CDS). Using open source to advance CDS makes sense for a number of reasons. By its very nature, an open-source solution is easier to modify. Because the source code is accessible, clinicians and informaticists working together can design a CDS system that integrates organically with an organization’s clinical workflow. Modifications are more difficult with proprietary systems, since the source code is not accessible, and the organization must hire the vendor to execute changes. In addition to the flexibility of open-source solutions, open source has the advantage of benefitting from the input of many contributing physicians and organizations, as opposed to being developed by a single vendor team.

North America to account for the highest market share during the forecast period

The open source services market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The open source services report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall open source services market during the forecast period. Following North America, APAC is expected to hold the second-highest market share during the forecast period. High need to adopt higher quality software with lower licensing cost and simpler management offering more flexibility, agility, and reliability and freedom from vendor lock-ins is expected to drive the North American, European, and APAC markets. Latin America and MEA are also expected to witness high growth rates during the forecast period.

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The open source services market comprises major providers, such as IBM (US), SUSE (Germany), Percona (US), MuleSoft (US), Wipro (India), Evoke Technologies (US), Cisco Systems (US), Infosys (India), HPE (US), ViSolve (US), Chetu (US), HashiCorp (US), and Databricks (US). The study includes an in-depth competitive analysis of key players in the open source services market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

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